10-Q 1 lkfn-20220331.htm 10-Q lkfn-20220331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to _____________
Commission File Number: 0-11487
LAKELAND FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Indiana35-1559596
(State or Other Jurisdiction(IRS Employer
of Incorporation or Organization)Identification No.)
202 East Center Street,
Warsaw,Indiana46580
(Address of principal executive offices)(Zip Code)
(574) 267‑6144
(Registrant’s Telephone Number, Including Area Code)
Title of each class    Trading Symbol(s)    Name of each exchange on which registered
Common stock, No par valueLKFNNASDAQ
(Nasdaq Global Select Market)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of ‘‘large accelerated filer,’’ ‘‘accelerated filer,’’ ‘‘smaller reporting company,’’ and ‘‘emerging growth company’’ in Rule 12b–2 of the Exchange Act.
Large accelerated filer    Accelerated filer    Non-accelerated filer
Smaller reporting company     Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Number of shares of common stock outstanding at April 21, 2022:  25,346,149



TABLE OF CONTENTS
Page




ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS (in thousands, except share data)
March 31,
2022
December 31,
2021
(Unaudited)
ASSETS    
Cash and due from banks$71,669 $51,830 
Short-term investments403,355 631,410 
Total cash and cash equivalents475,024 683,240 
Securities available-for-sale (carried at fair value)1,522,535 1,398,558 
Real estate mortgage loans held-for-sale2,234 7,470 
Loans, net of allowance for credit losses of $67,526 and $67,773
4,286,188 4,220,068 
Land, premises and equipment, net58,883 59,309 
Bank owned life insurance97,722 97,652 
Federal Reserve and Federal Home Loan Bank stock12,840 13,772 
Accrued interest receivable19,448 17,674 
Goodwill4,970 4,970 
Other assets92,415 54,610 
Total assets$6,572,259 $6,557,323 
LIABILITIES
Noninterest bearing deposits$1,880,418 $1,895,481 
Interest bearing deposits3,940,205 3,839,926 
Total deposits5,820,623 5,735,407 
Borrowings - Federal Home Loan Bank advances75,000 75,000 
Accrued interest payable2,303 2,619 
Other liabilities65,231 39,391 
Total liabilities5,963,157 5,852,417 
STOCKHOLDERS’ EQUITY
Common stock: 90,000,000 shares authorized, no par value
25,816,997 shares issued and 25,346,149 outstanding as of March 31, 2022
25,777,609 shares issued and 25,300,793 outstanding as of December 31, 2021
121,138 120,615 
Retained earnings596,578 583,134 
Accumulated other comprehensive income (loss)(93,687)16,093 
Treasury stock at cost (470,848 shares as of March 31, 2022, 476,816 shares as of December 31, 2021)
(15,016)(15,025)
Total stockholders’ equity609,013 704,817 
Noncontrolling interest89 89 
Total equity609,102 704,906 
Total liabilities and equity$6,572,259 $6,557,323 
The accompanying notes are an integral part of these consolidated financial statements.
1

CONSOLIDATED STATEMENTS OF INCOME (unaudited - in thousands, except share and per share data)
Three Months Ended
March 31,
20222021
NET INTEREST INCOME
Interest and fees on loans
Taxable$39,735 $43,461 
Tax exempt169 104 
Interest and dividends on securities
Taxable3,278 1,835 
Tax exempt4,606 2,489 
Other interest income246 88 
Total interest income48,034 47,977 
Interest on deposits3,081 4,218 
Interest on borrowings
Short-term0 7 
Long-term73 73 
Total interest expense3,154 4,298 
NET INTEREST INCOME44,880 43,679 
`
Provision for credit losses417 1,477 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES44,463 42,202 
NONINTEREST INCOME
Wealth advisory fees2,287 2,178 
Investment brokerage fees519 464 
Service charges on deposit accounts2,809 2,491 
Loan and service fees2,889 2,776 
Merchant card fee income815 622 
Bank owned life insurance income (loss)(83)756 
Interest rate swap fee income50 249 
Mortgage banking income509 1,373 
Net securities gains0 753 
Other income892 895 
Total noninterest income10,687 12,557 
NONINTEREST EXPENSE
Salaries and employee benefits14,392 14,385 
Net occupancy expense1,629 1,503 
Equipment costs1,411 1,445 
Data processing fees and supplies3,081 3,319 
Corporate and business development1,219 1,509 
FDIC insurance and other regulatory fees439 464 
Professional fees1,559 1,877 
Other expense3,239 2,244 
Total noninterest expense26,969 26,746 
INCOME BEFORE INCOME TAX EXPENSE28,181 28,013 
Income tax expense4,539 5,030 
NET INCOME$23,642 $22,983 
BASIC WEIGHTED AVERAGE COMMON SHARES25,515,271 25,457,659 
BASIC EARNINGS PER COMMON SHARE$0.93 $0.90 
DILUTED WEIGHTED AVERAGE COMMON SHARES25,690,372 25,550,111 
DILUTED EARNINGS PER COMMON SHARE$0.92 $0.90 
The accompanying notes are an integral part of these consolidated financial statements.
2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited - in thousands)
Three months ended March 31,
20222021
Net income$23,642 $22,983 
Other comprehensive income (loss)
Change in securities available-for-sale:
Unrealized holding gain (loss) on securities available-for-sale arising during the period(138,995)(15,297)
Reclassification adjustment for gains included in net income0 (753)
Net securities gain (loss) activity during the period(138,995)(16,050)
Tax effect29,188 3,371 
Net of tax amount(109,807)(12,679)
Defined benefit pension plans:
Amortization of net actuarial loss36 60 
Net gain activity during the period36 60 
Tax effect(9)(15)
Net of tax amount27 45 
Total other comprehensive income (loss), net of tax(109,780)(12,634)
Comprehensive income (loss)$(86,138)$10,349 
The accompanying notes are an integral part of these consolidated financial statements.
3

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (unaudited - in thousands, except share and per share data)
Three Months Ended
Common StockRetained
Earnings
Accumulated Other Comprehensive
Income (Loss)
Treasury
Stock
Total Stockholders’
Equity
Noncontrolling
Interest
Total
Equity
SharesStock
Balance at January 1, 2021
25,239,748 $114,927 $529,005 $27,744 $(14,581)$657,095 $89 $657,184 
Adoption of ASU 2016-13(6,951)(6,951)$(6,951)
Comprehensive income:
Net income22,983 22,983 22,983 
Other comprehensive income (loss), net of tax(12,634)(12,634)(12,634)
Cash dividends declared and paid, $0.34 per share
(8,647)(8,647)(8,647)
Treasury shares purchased under deferred directors' plan(3,634)219 (219)0 
Treasury shares sold and distributed under deferred directors' plan5,664 (115)115 
Stock activity under equity compensation plans49,130 (1,648)(1,648)(1,648)
Stock based compensation expense1,381 1,381 1,381 
Balance at March 31, 202125,290,908 $114,764 $536,390 $15,110 $(14,685)$651,579 $89 $651,668 
Balance at January 1, 2022
25,300,793 $120,615 $583,134 $16,093 $(15,025)$704,817 $89 $704,906 
Comprehensive loss:
Net income23,642 23,642 23,642 
Other comprehensive income (loss), net of tax(109,780)(109,780)(109,780)
Cash dividends declared and paid, $0.40 per share
(10,198)(10,198)(10,198)
Treasury shares purchased under deferred directors' plan(2,587)212 (212)0 0 
Treasury shares sold and distributed under deferred directors' plan8,555 (221)221 0 0 
Stock activity under equity compensation plans39,388 (1,728)(1,728)(1,728)
Stock based compensation expense2,260 2,260 2,260 
Balance at March 31, 202225,346,149 $121,138 $596,578 $(93,687)$(15,016)$609,013 $89 $609,102 
The accompanying notes are an integral part of these consolidated financial statements.
4

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited - in thousands)
Three Months Ended March 31,20222021
Cash flows from operating activities:
Net income$23,642 $22,983 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation1,516 1,575 
Provision for credit losses417 1,477 
Amortization of loan servicing rights223 198 
Net change in loan servicing rights valuation allowance(360)(197)
Loans originated for sale, including participations(12,468)(32,629)
Net gain on sales of loans(513)(1,233)
Proceeds from sale of loans, including participations18,058 25,692 
Net (gain) loss on sales of premises and equipment1 (1)
Net gain on sales and calls of securities available-for-sale0 (753)
Net securities amortization1,654 958 
Stock based compensation expense2,260 1,381 
Losses (earnings) on life insurance83 (756)
Gain on life insurance0 (202)
Tax benefit of stock award issuances(500)(266)
Net change:
Interest receivable and other assets(2,822)(1,415)
Interest payable and other liabilities16,513 6,980 
Total adjustments24,062 809 
Net cash from operating activities47,704 23,792 
Cash flows from investing activities:
Proceeds from sale of securities available- for-sale0 13,506 
Proceeds from maturities, calls and principal paydowns of securities available-for-sale29,647 31,734 
Purchases of securities available-for-sale(292,127)(161,224)
Purchase of life insurance(43)(528)
Net (increase) decrease in total loans(66,537)174,303 
Proceeds from sales of land, premises and equipment0 2 
Purchases of land, premises and equipment(1,091)(2,162)
Proceeds from redemption of Federal Home Loan Bank stock932 0 
Proceeds from life insurance0 329 
Net cash from investing activities(329,219)55,960 
Cash flows from financing activities:
Net increase in total deposits85,216 193,165 
Net increase (decrease) in short-term borrowings0 (10,500)
Common dividends paid(10,198)(8,647)
Payments related to equity incentive plans(1,728)(1,648)
Purchase of treasury stock(212)(219)
Sale of treasury stock221 115 
Net cash from financing activities73,299 172,266 
Net change in cash and cash equivalents(208,216)252,018 
Cash and cash equivalents at beginning of the period683,240 249,927 
Cash and cash equivalents at end of the period475,024 501,945 
Cash paid during the period for:
Interest$3,470 $5,973 
Supplemental non-cash disclosures:
Loans transferred to other real estate owned0 131 
Securities purchases payable2,146 5,855 
Right-of-use assets obtained in exchange for lease liabilities1,612 0 
The accompanying notes are an integral part of these consolidated financial statements.
5


NOTE 1. BASIS OF PRESENTATION
This report is filed for Lakeland Financial Corporation (the "Company"), which has two wholly owned subsidiaries, Lake City Bank (the "Bank") and LCB Risk Management, a captive insurance company. Also included in this report are results for the Bank’s wholly owned subsidiary, LCB Investments II, Inc. ("LCB Investments"), which manages the Bank’s investment portfolio. LCB Investments owns LCB Funding, Inc. ("LCB Funding"), a real estate investment trust. All significant inter-company balances and transactions have been eliminated in consolidation.
The unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions for Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and are unaudited. In the opinion of management, all adjustments (all of which are normal and recurring in nature) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for any subsequent reporting periods, including the year ending December 31, 2022. The Company’s 2021 Annual Report on Form 10-K should be read in conjunction with these statements.
Newly Issued But Not Yet Effective Accounting Standards
On March 12, 2020, the FASB issued Accounting Standards Update (ASU) 2020-04, "Reference Rate Reform (“ASC 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." ASC 848 contains optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The Company has formed a cross-functional project team to lead the transition from LIBOR to a planned adoption of reference rates which could include Secured Overnight Financing Rate (“SOFR”), amongst others. The Company has identified loans that renewed prior to 2021 and obtained updated reference rate language at the time of renewal. Additionally, management is utilizing the timeline guidance published by the Alternative Reference Rates Committee to develop and achieve internal milestones during this transitional period. The Company has adhered to the International Swaps and Derivatives Association 2020 IBOR Fallbacks Protocol that was released on October 23, 2020.
The Company discontinued the use of new LIBOR-based loans by December 31, 2021, according to regulatory guidelines. Legacy LIBOR-based loans will be transitioned to an alternative reference rate on or before June 30, 2023. The guidance under ASC 848 will be available for a limited time, generally through December 31, 2022. The Company expects to adopt the LIBOR transition relief allowed under this standard, and does note expect such adoption to have a material impact on the consolidated financial statements.
In March 2022, the FASB issued ASU 2022-01, "Derivatives and Hedging (ASC 815): Fair Value Hedging - Portfolio Layer Method." ASC 815 currently permits only prepayable financial assets and one or more beneficial interests secured by a portfolio of prepayable financial instruments to be included in a last-of-layer closed portfolio. The amendments in this Update allow nonprepayable financial assets to also be included in a closed portfolio hedged using the portfolio layer method. That expanded scope permits an entity to apply the same portfolio hedging method to both prepayable and nonpreapayble financial assets, thereby allowing consistent accounting for similar hedges. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. The Company does not expect the adoption of this standard to have a material impact on the consolidated financial statements.
In March 2022, the FASB issued ASU 2022-02, "Financial Instruments - Credit Losses (ASC 326): Troubled Debt Restructurings (TDRs) and Vintage Disclosures." The guidance amends ASC 326 to eliminate the accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancing and restructuring activities by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying TDR recognition and measurement guidance, creditors will determine whether a modification results in a new loan or continuation of existing loan. These amendments are intended to enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. Additionally, the amendments to ASC 326 require that an entity disclose current-period gross writeoffs by year of origination within the vintage disclosures, which requires that an entity disclose the amortized cost basis of financing receivables by credit quality indicator and class of financing receivable by year of origination. The guidance is only for entities that have adopted the amendments in Update 2016-13 for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption using prospective application, including adoption in an interim period where the guidance should be applied as of the beginning of the fiscal year. The Company is currently assessing the impact of ASU 2022-02 on its disclosures and control structure; however, the Company does not expect the adoption of this standard to have a material impact on the consolidated financial statements.
6

Reclassification
Certain amounts appearing in the consolidated financial statements and notes thereto for prior periods have been reclassified to conform with the current presentation. The reclassifications had no effect on net income or stockholders' equity as previously reported.

NOTE 2. SECURITIES
Information related to the amortized cost, fair value and allowance for credit losses of securities available-for-sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income is provided in the tables below.
(dollars in thousands)Amortized
Cost
Gross Unrealized GainGross Unrealized LossesAllowance for Credit LossesFair Value
March 31, 2022
U.S. Treasury securities$2,250 $0 $(4)$0 $2,246 
U.S. government sponsored agencies164,514 0 (11,622)0 152,892 
Mortgage-backed securities: residential634,654 680 (39,013)0 596,321 
Mortgage-backed securities: commercial96 0 0 0 96 
State and municipal securities838,427 4,608 (72,055)0 770,980 
Total$1,639,941 $5,288 $(122,694)$0 $1,522,535 
December 31, 2021
U.S. Treasury securities$900 $0 $0 $0 $900 
U.S. government sponsored agencies145,858 39 (2,445)0 143,452 
Mortgage-backed securities: residential487,157 4,455 (4,936)0 486,676 
Mortgage-backed securities: commercial522 1 0 0 523 
State and municipal securities742,532 25,749 (1,274)0 767,007 
Total$1,376,969 $30,244 $(8,655)$0 $1,398,558 
Information regarding the fair value and amortized cost of available-for-sale debt securities by maturity as of March 31, 2022 is presented below. Maturity information is based on contractual maturity for all securities other than mortgage-backed securities. Actual maturities of securities may differ from contractual maturities because borrowers may have the right to prepay the obligation without a prepayment penalty.
(dollars in thousands)Amortized CostFair
Value
Due in one year or less$3,356 $3,357 
Due after one year through five years11,031 11,140 
Due after five years through ten years54,556 54,559 
Due after ten years936,248 857,062 
1,005,191 926,118 
Mortgage-backed securities634,750 596,417 
Total debt securities$1,639,941 $1,522,535 
    Securities proceeds, gross gains and gross losses are presented below.
Three Months Ended March 31,
(dollars in thousands)20222021
Sales of securities available-for-sale
Proceeds$0 $13,506 
Gross gains0 753 
Gross losses0 0 
Number of securities0 7 
7

In accordance with ASU No. 2017-8, purchase premiums for callable securities are amortized to the earliest call date and premiums on non-callable securities as well as discounts are recognized in interest income using the interest method over the terms of the securities or over the estimated lives of mortgage-backed securities. Gains and losses on sales are based on the amortized cost of the security sold and recorded on the trade date.
Securities with carrying values of $272.6 million and $300.8 million were pledged as of March 31, 2022 and December 31, 2021, respectively, as collateral for borrowings from the Federal Home Loan Bank and Federal Reserve Bank and for other purposes as permitted or required by law.
Information regarding securities with unrealized losses as of March 31, 2022 and December 31, 2021 is presented below. The tables divide the securities between those with unrealized losses for less than twelve months and those with unrealized losses for twelve months or more.
Less than 12 months12 months or moreTotal
(dollars in thousands)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
March 31, 2022            
U.S. Treasury securities$2,246 $4 $0 $0 $2,246 $4 
U.S. government sponsored agencies126,338